Mr Cooper Group Inc (COOP)

[stoxjock]

Thanks LG for posting this from DMDM1.

In essense, Bonderman et Al (TPG & Olympic Partners) had double the amount of capital ($5B) tied up in CLASS 19 Equity compared to that in Common Shares value at that time(~$2.56B). Also, common PPS fell drastically after Bonderman/TPG et Al invested in WaMU. I think this was the reason they really drove a hard bargain to have 75% of the Recoveries Value prorated to Class 19 so that they can get back substantial return against their Majority Holdings to make sure they would be able to recover their $7.5B investment and more... Looking at their Investment Structure against various Classes, it looks like substantial recovery is tied to the MBS Trusts which in turn is the pure play foundation for the Class 19 Preferreds... As the whole "Releases" scheme was to be 'paid' for the Assets and consequently the 'recoveries' for CLASS 19 & CLASS 22 holdings, any theories that 75%/25% apportionment is 'within BK Case' is PURE NONSENSE...

TPG/Olymic/Bonderman and the other sophisticated players knew from the 'Get Go' that all the Recoveries were going to be coming from Assets put in the 'Trusts' and 'outside of BKs', so there is no question of them ever agreeing to provide "Releases" IF they wouldn't get the 75% of the Actual Recoveries (coming from 'outside the BK Cases') against their CLASS 19 holdings... And, this was the price they extracted from WMI/Debtors in order to let the APR Rule be put aside, And let the CLASS 22 Equity also partake in the Recovery pot.